Extend term if no prepayment penalty and continue making same payments you are.
You pay down loan faster bc excess payment will go to principal. You’ll also have more breathing room to invest in other areas given lower payment if you choose. Also having more time to potentially refinance if rates come down in next few years.
Source: CFO adviser to multiple businesses in my area with focus on capital markets and capital structure.
Extend term if no prepayment penalty and continue making same payments you are.
You pay down loan faster bc excess payment will go to principal. You’ll also have more breathing room to invest in other areas given lower payment if you choose. Also having more time to potentially refinance if rates come down in next few years.
Source: CFO adviser to multiple businesses in my area with focus on capital markets and capital structure.